A-share Closing Review | Indices pull back on shrinking volume, BSE 50 surges against the trend, real estate services lead gains

On September 23, the three major A-share indices closed lower collectively, pulling back on shrinking volume, while BSE 50 surged against the trend to lead the entire market. Across the Shanghai and Shenzhen markets, more stocks fell than rose. As of the close, the Shanghai Composite Index fell 0.39% to 3936.52 points, the Shenzhen Component Index fell 0.64% to 13636.07 points, the ChiNext Index fell 0.60% to 3379.61 points, the STAR 50 fell 0.25% to 1660.85 points, and BSE 50 rose 2.60% to 1074.04 points. Total turnover across the Shanghai and Shenzhen markets for the full day was approximately 1,764.976 billion yuan, a shrinkage of about 370.6 billion yuan from the previous trading day. In the Shanghai and Shenzhen markets, 1,891 stocks rose, 3,564 fell, and 113 were flat, with 51 hitting the daily limit up and 15 hitting the daily limit down, and gainers accounting for about 34%. On the board, real estate services, copper-clad laminates, quantum technology, composite current collectors, non-metallic materials, semiconductor materials, and electronic chemicals led the gains; film and cinema chains, cultural media, coal mining and washing, coal chemicals, departure tax refunds, and commercial retail led the declines. Drivers The three major indices closed lower collectively, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index down 0.64%, the ChiNext Index down 0.60%, and the STAR 50 down 0.25%, while only BSE 50 surged against the trend by 2.60%. Turnover across the Shanghai and Shenzhen markets was approximately 1,764.976 billion yuan, a shrinkage of about 370.6 billion yuan from the previous trading day, a decline of about 17%. In the Shanghai and Shenzhen markets, 1,891 stocks rose and 3,564 fell, with 51 hitting the daily limit up and 15 hitting the daily limit down, and gainers accounting for about 34%, with more stocks falling than rising. The real estate services sector rose 3.31% to lead industry gains, with Beijing Huayuan Xinhang Holding and 5i5j Holding Group posting three consecutive limit-up days; the copper-clad laminate concept rose 3.13% to lead concept sectors, the quantum technology concept moved higher in the afternoon, and Rigol Technologies hit the 20CM limit up. The Beijing Stock Exchange welcomed "one subscription and one listing" on September 23, among which one new stock had an issue price of 4.26 yuan per share, the lowest in the A-share market this year. Hot sectors 1. [Real estate services] The real estate services sector rose 3.31% to lead all market industries. Beijing Huayuan Xinhang Holding and 5i5j Holding Group posted three consecutive limit-up days, while China Vanke Co.,Ltd. touched the limit up intraday and closed up 2.89%. In terms of news, the newly revised Regulations on the Administration of Housing Provident Funds took effect on September 20, and second-hand home online signing transactions in Shanghai have recently been active. 2. [Copper foil/copper-clad laminates] The copper-clad laminate concept rose 3.13% to lead concept sectors, with composite current collectors, electronic chemicals, and other directions active. Hubei Zhongyi Technology Inc. hit the 20CM limit up, and Guangdong Goworld rose 7.85%. In terms of news, Jiangxi Hongruixing Technology notified on September 22 that it would raise the ex-factory price of copper-clad laminate products by 10%, and China Jushi Co., Ltd had previously raised electronic cloth prices. 3. [Quantum technology] The quantum technology concept fluctuated higher in the afternoon, with the sector up 2.92%. Rigol Technologies hit the 20CM limit up, Beijing Oriental Jicheng and Chengdu Spaceon Electronics hit the limit up, GuoChuang Software rose 11.91%, and Quantumctek Co., Ltd. rose 8.98%. In terms of news, according to Cailian Press, U.S. quantum computing concept stock IonQ rose more than 5% after hours, as the company demonstrated the industry's first end-to-end real-time quantum error correction decoder. Declining sectors Film and cinema chains, cultural media, coal mining and washing, coal chemicals, departure tax refunds, and other sectors led the declines for the day. The media industry weakened throughout the day, with China Television Media,Ltd. and Zhejiang Huamei Holding hitting the limit down, and Citic Press Corporation falling 12.36%; the coal sector moved lower, with Yunnan Coal & Energy hitting the limit down.